Equilibrium Exit Ticket

In a market-based economy, what happens when the price of a good is set above the equilibrium price?

• A) A shortage occurs

• B) There is no change in the market

• C) A surplus occurs

• D) The market reaches equilibrium

When there is a surplus in a market, what will sellers likely do to restore equilibrium?

• A) Lower the price of the good

• B) Raise the price of the good

• C) Keep the price the same

• D) Increase the supply of the good

Which of the following best describes the condition when the quantity demanded is greater than the quantity supplied at a given price?

• A) Disequilibrium

• B) Surplus

• C) Equilibrium

• D) Shortage

What happens to the price of a good in the market when there is a shortage?

• A) The price tends to decrease

• B) The price tends to stay the same

• C) The price tends to increase

• D) There is no change in price

If there is an increase in demand and supply remains constant, what will happen in the market?

• A surplus will occur

• A shortage will occur

• The price will rise and equilibrium quantity will increase

• The price will remain unchanged

When a market is in disequilibrium, what generally happens to the price and quantity over time?

• Price and quantity stay the same

• Price decreases and quantity increases

• Price and quantity adjust to restore equilibrium

• Price and quantity adjust but never reach equilibrium

What does this graph show?

• Shortage
• Surplus
• Supply Table
• Equilibrium

this is the point where demand and supply intersect

• equilibrium
• intermediate good
• marginal utility
• microeconomics